The loss of interest in certain coins, which is allegedly the result of the negative news gathering around them, makes the developers of Coinbase Wallet decide to take action. Four of the leading cryptocurrencies will cease to be supported.
The decision has been made
On November 23, Coinbase representatives announced that coins such as XRP, Bitcoin Cash (BCH), Stellar (XLM) and Ethereum Classic (ETC) will soon lose support in Coinbase Wallet. All holders of the above assets have exactly two months to transfer them to another wallet. January 23 next year will be the deadline for this. Any transfer attempts after the mentioned date will be impossible.
Coinbase Wallet is currently going through the process of configuring its space to be fully compatible with such networks as Arbitrum, Avalanche C-Chain, BNB Chain, Gnosis Chain, Phantom Opera, Optimism, Polygon, xDai and Solana. In addition, Ethereum and Ethereum Virtual Machine (PVM)-based assets are continuously supported.
Loss of utility
The reason for the decision of Coinbase representatives, is the alleged low popularity of individual projects, as well as the negative information spreading around them. Some of the assets are even considered failed.
Bitcoin Cash (BCH) is a fork of Bitcoin (BTC) that was created after the fiasco of agreements between miners and developers of the leading coin. At the time, no consensus was reached on the block size, as well as Segwit’s implementation. Despite its community, the coin is losing attention compared to its prototype, ranking 27th in the highest capitalization coin rankings at the time of this writing.
Ethereum Classic (ETC) is also a fork. This one, in turn, took its name from Ethereum (ETH). It was created to counteract the effects of the hacking of The Dao. This coin is listed slightly higher and is currently ranked 23rd in the rankings.
Stellar (XLM), on the other hand, is the product of a former Ripple team member. It was intended to be a similar, yet more open alternative to XRP. To date, XLM remains highly correlated in price with its prototype (25th coin in the rankings).
XRP without utility?
Amid the above examples, the abandonment of support for XRP seems surprising. The coin has been steadily experiencing development, with dynamic whale movements, which we keep you informed about. However, it is not present on Coinbase, as it has been delisted due to a lawsuit filed by the SEC against Ripple. Once it is settled, is there a chance that XRP will return to Coinbase and Coinbase Wallet? There are chances for this, but one should wait for official information. At the time of this writing, XRP is ranked 7th in the rankings of coins with the highest market capitalization.